The Vast Bank Launches Crypto Services!

Highlights:

  • Vast Bank is a locally-owned and fully operational financial services institution based in Tulsa, Oklahoma.
  • It is the first nationally chartered U.S bank to offer cryptocurrency services.
  • Users of this bank can easily buy, sell and hold cryptocurrencies through their bank account.

What did the Vast Bank announce?

Recently, the Vast Bank announced its decision to roll-out cryptocurrency services for people having an account under them. These services involved the availability of buying, selling and holding cryptocurrencies from their own bank account. The customers need not create a separate account to execute their crypto transactions and trades. All features would be included in their bank account.

They have launched an easy-to-use mobile application through which customers can manage their cryptocurrency requirements. They can deposit USD, withdraw it, buy, sell, hold cryptocurrencies and perform all the functions a normal bank does. Under this facility, a number of cryptocurrencies have been short-listed for transactions and trades. These cryptocurrencies include Bitcoin, Ethereum, Cardano, Filecoin, Litecoin, Orchid, Algorand and Bitcoin Cash. As of yet, customers can only buy and sell these cryptocurrencies. If this product succeeds and generates enough revenue, the bank will consider adding other major altcoins to the list in the near future, possibly in 2022.

Thus, with the establishment of this service, Vast becomes the first federally-regulated bank to enter the cryptocurrency space.

source: Twitter

What are the details of the service?

Being the first regulated bank to roll out a crypto service, it has given an excellent deal to its customers. The customers can trade in cryptocurrencies 24/7 with their mobile application. The absence of time restriction is a very good feature implemented by the bank.

Customers need not wait for several days to get their money back once they sell their digital assets. The proceeds from the sale less transaction costs will be directly credited in the bank account of the user. Thus, customers can conveniently liquidate their holdings into USD immediately without waiting too much.

To offer a competitive transaction fee rate, the Vast Bank has set the rate to 1%. That is, 1% of each transaction value executed by you will be paid to the bank as a commission. For instance, the bank will charge 1$ for a 1000$ purchase or sale of a digital asset through the mobile application.

The Vast bank has also implemented a feature wherein the money stored in the account is never idle. The money in the customer’s bank account which is not used for any transaction will be eligible for gaining interest on it. Thus, it gives a fixed rate of return plus the gains from the money invested into cryptocurrencies. The balance on which the interest will be yielded is computed on a monthly average basis.

The bank has also installed over 56000 Automated Teller Machines across the country to ensure convenient deposits and withdrawals of the money in the bank-crypto account.

This bank-crypto account is not necessarily meant for only cryptocurrencies. Routine bills such as electricity and utility bills can also be paid by the customers using this account.

Vast bank
Source: Coingape

What are the benefits of this facility?

  • Since the bank is federally regulated, there are some high standards of security that the bank has to meet. Thus, customers are ensured of the safety of their funds and assets stored with the Vast bank.
  • The customers need not create a separate account for cryptocurrencies. The Vast bank’s mobile application can be used for banking as well as cryptocurrency purposes.
  • Customers need not worry about their information or digital assets being shared to a third party. Banks are highly regulated financial institutions.
  • Vast bank will act as its own custodian. All digital assets bought by the customers will be under the custody of the bank, thus ensuring complete safety.
  • The bank account under Vast bank is insured up to $250000. The digital assets are also insured in partnership with Coinbase.
Please follow and like us:

Related Articles

Facebook
Twitter
Telegram